REPORT For Date 16/07/2018
NY COT EXCHANGE Cotton No.2 (Price figures in cent/5000lbs):
Last week, we had indicated for a contrarian long strategy as near term upside was likely.
A rise of 4% was seen last week with bullish candle.
Stochastic on weekly chart exit the oversold zone and the same is being shown in the chart therefore traders can accumulate at 87.09-84.89 with a stop loss of 84.
Expect higher range of 90.05-95.21.
Higher range can be used to take profits.
TREND INFORMATION WITH INTRA-DAY LEVELS
|
CLOSE
|
DRV
|
TREND*
|
Trend
Price
|
Trend
Date
|
L1
|
L2
|
CP
|
L3
|
L4
|
|
87.84
|
N/A
|
DOWN
|
N/A
|
N/A
|
79.73
|
84.89
|
87.09
|
90.05
|
95.21
|
*Trend will remain Down as long as last close is below the pink color DRV. Trend will be Up as long as Price is above DRV. Positional Traders: If trend is up then traders long can hold long position with closing stop loss of DRV: Close >DRV. If trend is down then traders can hold short position with a closing stop loss of DRV: Close <DRV.
PRICE, VOLUME AND OPEN INTEREST STRATEGY
|
Close
|
PRICE G/L%
|
VOLUME
|
% V INC/DEC
|
OPEN INTEREST
|
% OI INC/DEC
|
CANDLE
|
POSITION
|
|
87.84
|
4.0
|
77220.0
|
15.2
|
175154.0
|
-0.1
|
Positive
|
Unwinding
|
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Disclaimer: There is risk of loss in trading in derivatives and the report is not to be construed as investment advice. The information provided in this report is intended solely for informative purposes. The author, directors and other employees of CC Commodity Info Services cannot be held responsible for the accuracy of the information presented herein or for the results of the positions taken based on the opinions expressed above.
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